Realty firm for seniors to complete Rs 500 cr project in 3 yrs

The company is currently doing projects in Bangalore,Chennai,Puducherry and Coimbatore.

Written by Agencies | Chennai | Published: August 29, 2012 6:05:27 pm

A real estate firm focusing on constructing dwellings for retired senior citizens in south India expects to complete Rs 500 crore worth of projects in three years.

The demand for retirement villas and apartments have been growing consistently over the last two years,Covai Senior Care Constructions,Director (Finance and Strategy) P B Anand said.

“Currently we are executing seven projects across South India valued at Rs 500 crore. We expect it to be completed in another three years,” he said.

The Coimbatore-based firm is in the final stages of its Rs 50 crore fund raising plan,he said.

“We have investments of Rs 25 crore as equity from an investor based out of United States. We raised another Rs 25 crore through debts. Currently,we are in the fag of it (fund raising plan)” Covai Senior Care Constructions,Director (Finance and Strategy) Anand said.

He said the company is currently doing projects in Bangalore,Chennai,Puducherry and Coimbatore besides planning another project in Kancheepuram.

The company reported revenues of Rs 60 crore in 2011-12 fiscal and aims to register Rs 100 crore this year,he said.

Anand and Covai Senior Care Constructions Managing Director Colonel A Sridharan were here to announce their upcoming two projects at Puducherry and at Sulur near

Coimbatore,both of which are retirment villas and apartments.

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